Stamp duty and income tax liability
mukesh
(Querist) 20 October 2013
This query is : Resolved
Resp.sir,
i have one property which is in the name of my wife who passed away
two years back.Now i want to transfer the ownership to my second son.(i have two sons and no daughter) I have got succession certificate of my wife,waiver affidavits of myself and my elder son.The property is commercial and I have its Share certificate of building's association.
Now i want to understand whetrer I shall prepare any more papers and transfering property in my son's name will fetch any tax or stamp duty liability???
I request to answer to my email id,
Thanks,
MUKESH
Devajyoti Barman
(Expert) 20 October 2013
Affidavits would not waive your share in it. You have to execute relinquishment deed to transfer your share to one particular co sharer.
For tax implications consult a CA or a tax consultant.
Anirudh
(Expert) 20 October 2013
After the passing away of your wife, the property will go by way of inheritance equally to all the three of you viz., yourself as husband, and your two sons. While you will be able to relinquish your 1/3rd share in the property in favour of your second son, you will not be able to do so in respect of the 1/3rd share belonging to your first son. It is for the first son to decide as to what he wants to do with his 1/3rd share. If he is also agreeable to relinquish his share in favour of your second son, then on the basis of the Registered Relinquishment Deed given by you and your first son, it would be possible to have the entire property transferred in the name of your second son.
There will be some stamp duty liability depending upon in which State the property is located.
Anirudh
(Expert) 20 October 2013
There will be no income tax implication.
Rajendra K Goyal
(Expert) 21 October 2013
Well advised by the experts, nothing more to add.
mukesh
(Querist) 19 September 2014
regret to reply very late and thankyou all 3 experts to advice on my query. By the way, this property is located in Gujarat. Can I have any draft copy of relinquish deed?
